Riyadh, February 8, 2024, Amidst a backdrop of burgeoning global economic growth and expanded international collaboration, the Kingdom of Saudi Arabia is increasingly asserting its prominence on the global trade stage, reaching unprecedented economic heights. In this reinvigorated landscape, the African market emerges as a pivotal destination for Saudi non-oil exports, offering abundant economic opportunities and fostering promising trade relationships.
The enduring strategic, commercial, and economic ties between the Kingdom and Africa underscore a relationship steeped in depth and resilience. As the largest economy in the Middle East and North Africa, and the fastest-growing within the Group of Twenty (G20) in 2022, Saudi Arabia recognizes Africa's immense strategic, economic, and human resource potential. Spanning as the second-largest continent in terms of both area and population, Africa boasts an economy valued at approximately $3 trillion. Consequently, both the Saudi government and African Union countries are committed to fortifying and cultivating these ties, envisioning progress and prosperity for all stakeholders involved.
In pursuit of this vision, the Saudi Exports Development Authority (SAUDI EXPORTS) has adopted a proactive approach towards the African continent, attuned to the diverse needs of its markets and future aspirations. The authority's strategic focus revolves around fostering economic collaboration, amplifying Saudi non-oil exports, and facilitating the penetration of Saudi products and services into the promising African market.
A notable accomplishment includes the export of more than SAR128 billion worth of non-oil Saudi goods to Africa between 2019 and 2023. The chemicals and polymers sector spearheaded this export surge, exceeding SAR83 billion, followed by the construction materials sector at over SAR10 billion, and the packaging sector at SAR9 billion. Key exports included polypropylene, polyethylene, and fertilizers, with Egypt, Algeria, South Africa, Morocco, Sudan, Kenya, and Nigeria among the top importers from the Kingdom across 55 African countries.
SAUDI EXPORTS channels its efforts and resources towards promoting national products and services and amplifying non-oil exports to African markets. Strategies include organizing trade missions to various African countries and participating in specialized international exhibitions across the continent. Noteworthy exhibitions earmarked for participation this year include the African Food Exhibition 2024, the International Exhibition for Processing and Packaging in the Middle East and Africa 2024 in Egypt, Buildexpo Africa - Kenya 2024, and Gitex Africa in Morocco.
To empower exporters, SAUDI EXPORTS provides vital information, conducts specialized studies on export opportunities, and offers workshops and training courses. Virtual workshops conducted this year, such as "Empowering Exports in Pakistan, South Africa, Ethiopia, Kenya, and Nigeria" and "Empowering Exports in North African Countries: Egypt, Morocco, Algeria, and Tunisia," exemplify this commitment. SAUDI EXPORTS also collaborates with relevant authorities to address over 270 challenges encountered by exporters in African markets.
Continuing its efforts to bolster Saudi-African relations, SAUDI EXPORTS is instrumental in fostering ties across various domains. The Saudi-African Summit held in Riyadh on November 10, 2023, marked a significant milestone, guided by the vision of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud. The summit aimed to fortify strategic relations, celebrate historical ties, and foster cooperation across diverse sectors. This summit culminated in the launch of a cooperation roadmap between the Kingdom and African countries, emphasizing a strategic partnership founded on historical bonds and commemorating the exponential growth in trade exchange over the past five years, particularly in non-oil trade.
In a testament to this commitment, His Royal Highness the Crown Prince unveiled an investment package during the summit, including allocating $25 billion for investments across the African continent, financing and insuring exports worth $10 billion, and providing $5 billion in development funding over the next six years. The summit witnessed the signing of over 50 agreements and Memorandums of Understanding (MoUs), valued at over $500 million, underscoring the mutual determination to forge a prosperous future together.
